PVW Resources Ltd (ASX:PVW) is gearing up for a pivotal drilling program at the Tanami Heavy Rare Earth Element (REE) and Gold Project in the Northern Territory following a heavily oversubscribed $9.5 million share placement.
The placement involved two tranches totalling more than 23 million shares at $0.40 a share, approved via General Meeting on May 12, 2022.
This placement – which was arranged and managed by CPS Capital Group Pty Ltd – has raised PVW’s cash balance to more than $10 million, placing it in a strong position to advance a recently launched exploration program at the Tanami Project.
The exploration program activities are ongoing, currently focused on ground-based mapping and rock chip sampling across multiple REE and gold targets.
“Landmark placement marks key milestone”
“The successful completion of this landmark placement marks a key milestone for PVW in our journey to unlock the potential of our exciting Tanami REE and Gold Project,” PVW Resources executive director George Bauk said.
“I would like to take this opportunity to thank the investors who participated in the placement and our supporting brokers CPS Capital Group. We are delighted to have a number of significant new institutional and strategic investors join our register and we thank existing shareholders for their support.
“With a strong cash balance, PVW is now very well placed to move ahead with the comprehensive exploration programs we already have underway at this highly prospective, yet under-explored region.
“Current ground exploration activities are progressing well, and we are all now looking forward to the imminent commencement of drilling, which we expect will occur in June following completion of heritage surveys.”
The company intends to conduct an initial program of some 10,000 metres of reverse circulation drilling, and about 25,000 metres of aircore drilling, focused initially on the Killi Killi East and Watts Rise prospects.